Monero developers are set to fork their network on March 9th to reduce the effectiveness of ASICs.
The hard fork will change Monero’s proof-of-work algorithm and reduce the hash rate capabilities of ASIC miners by a factor of more than 2.5.
Monero developers are set to fork their network on March 9th to reduce the effectiveness of ASICs. This move will significantly lower hash rate allowing small-scale mining operations running graphics processing units (GPUs) to compete favorably and make the network’s PoW algorithm less ASIC-friendly.
The details of the hard fork, as posted by Redditor by sech1, are as follows:
The fork will occur at block height 1,788,000.
The network upgrade will bring about changes to Monero’s PoW algorithm by adjusting blocksize.
Monero devs will activate the fork on the 0.13 branch.
The hard fork will stall the effectiveness of the ASIC miners. As per sech1, this new PoW algorithm will reduce the hash rate capabilities of ASIC miners by a factor of more than 2.5. There is another future hard fork that has been tentatively scheduled for October 2019.
Monero Price Prediction: XMR Could Boost Its Price Soon, According To Technical Indicators
The market has been really volatile these days, and most coins suffered a strong correction after surging and giving hopes to investors.
Monero, for instance, has reportedly been trapped in a range accumulation for more than a year now.
Since back in August 2018, the privacy-oriented coin has been range trading in a pretty wide range, according to CCN: between $40 and $120 with a midpoint at $80.
The online publication notes that “The length of time spent in this range tells us that the privacy coin has entered a period of accumulation.”
You may recall that back in June, XMR attempted to take out resistance of $120, but the market was already in overbought territory as CCN notes. In other words, this triggered a rejection from the bears.
Optimistic predictions about the price of XMR
The online publication is pretty optimistic and says that the good news is that XMR managed to stay above the range midpoint of $80.
This is pretty bullish because it shows that buyers are not waiting for the crypto to plunge to the range support. This also allows bulls to establish a higher low setup.
The online publication also brings up Nik Patel who tweeted the following:
Head over to CCN’s original article to check out more important indicators for the bullish XMR-related predictions.
At the moment of writing this article, XMR is trading in the red and the most important coin in the market is priced at $80.29.
Monero mining malware
XMR was in the spotlight not too long ago, after reports coming from Cryptovest claim that the Varonis Security Research has recently discovered a new strain of mining malware that’s able to disguise the mining for Monero on consumer electronics or networks.
It’s been reported that this malware is called Norman and it managed to infect an entire company network.
Monero technical analysis: Bulls and bears cancel each other out over the last five days
- XMR/USD charts six straight bearish 4-hour sessions after charting death cross pattern.
- The relative strength index (RSI) indicator of the hourly chart has entered the oversold zone.
XMR/USD daily chart
XMR/USD has so far gone down from $86.25 to $82.15 this Wednesday. In the process, the bulls and bears have canceled each other out over the last five days. The 20-day simple moving average (SMA 20) curve has crossed over the SMA 50, and are trending above the price chart. The Elliot oscillator shows decreasing bullish sessions.
XMR/USD 4-hour chart
The 4-hour XMR/USD chart shows that the SMA 200 and has crossed over the SMA 50 curve, charting a death cross pattern. Ever since then, XMR/USD has broken below the upward trending line and charted six straight bearish sessions. During these six sessions, the price of XMR/USD has fallen from $88.75 to $82.25. The moving average convergence/divergence (MACD) indicator shows three straight bearish sessions of increasing intensity.
XMR/USD hourly chart
The hourly XMR/USD shows that the price has gone up to $90.15, where it met resistance and dropped down to $82.15. The second last price session broke past the red Ichimoku cloud and the support provided by the SMA 200 curve. The relative strength index (RSI) indicator has entered the oversold zone.
|Today last price||82.2261|
|Today Daily Change||-3.8019|
|Today Daily Change %||-4.42|
|Today daily open||86.028|
|Previous Daily High||91.2689|
|Previous Daily Low||84.3725|
|Previous Weekly High||92.8427|
|Previous Weekly Low||74.0946|
|Previous Monthly High||108.6298|
|Previous Monthly Low||71.8863|
|Daily Fibonacci 38.2%||87.0069|
|Daily Fibonacci 61.8%||88.6344|
|Daily Pivot Point S1||83.1774|
|Daily Pivot Point S2||80.3268|
|Daily Pivot Point S3||76.281|
|Daily Pivot Point R1||90.0737|
|Daily Pivot Point R2||94.1195|
|Daily Pivot Point R3||96.9701|
Monero Price Analysis: XMR Sees a Positive Price Difference Due to the 5-Day Long Bullish Trend
- Monero has come up with a bullish price scenario over a week, continues to give positive signs
- XMR appears to have a support level at $74.72, also, the bullish trendline is anticipated to act as a support level
- Yesterday, the coin had a close around $90, may cross the price mark again
Monero has been trading with a bullish impact against U.S.Dollar since the last 5 days. The coin has witnessed how its price has been uplifted notably, due to Bitcoin’s recent price rally above $10,600.
5 days ago, XMR was trading at $78.58 and it saw a price plunge at $74.72. Seeing a support level here, XMR steadily surged above $83 with an increase of 11.46%. The coin corrected down to $78.08 and again took a rebound. XMR maintained its price range from $80 to $83 till it saw another price surge on 18th August.
Since the last couple of days, XMR has been steadily moving up and yesterday it even reached as high as $90.55. The coin is correcting down at the moment and is at $88.32 at 05:01:04 UTC.
XMR/USD Price Chart
Monero’s current price is above its 5-day SMA of $85.90 along with its 50-day SMA of $87.18. Its long term SMA is about to slip below its short term SMA, which indicates a bullish price move. Also, XMR is trading in ‘buy’ phase.
Monero Price Prediction & Technical Indicators:
The MACD chart of the coin is moderately volatile and is entering bullish zone with its MACD line above its Signal line. RSI for the coin is above 50, showing no extremities. XMR may face resistance at $92.28 and support at $ 82.65.